Economy

The future of free trade
Despite protests – EU moves ahead with Mercosur deal

The EU will provisionally apply the Mercosur agreement with South America, overruling concerns from some MEPs who have referred the agreement to the European Court of Justice.

Bloomberg News reports.

European Commission President Ursula von der Leyen justified the move by stating that the trade agreement “gives Europe a strategic advantage to be the first to act in a world of fierce competition and short horizons.”

Provisional application is by its nature provisional, she continued, adding that the agreement will only be fully concluded once the European Parliament has given its approval.

The future of Open AI
Open AI raises 995 billion in new capital

Open AI raises $110 billion – equivalent to 995 billion kronor – in new capital at a valuation of $730 billion. CNBC reports.

Investors include Amazon, which is investing $50 billion, and Nvidia and Softbank, which are each investing $30 billion.

Information about the funding round has been circulating in recent weeks. Open AI last raised new capital in October – at a valuation of $500 billion.

Russian invasion  Sanctions
LVMH closed stores – but kept hotels in Russia

The French luxury conglomerate LVMH – which owns brands such as Louis Vuitton and Dior – closed its stores in Russia after the country’s full-scale invasion of Ukraine in 2022.

However, the Grand Hotel Europe in St. Petersburg remains within LVMH’s sphere through the Belmond hotel chain, Reuters reports.

The hotel is not on any sanctions list and is therefore operated legally. However, the business has continued to accept payments from customers who are blacklisted by both Europe and the UK. The customers include major Russian transport companies, as well as banks and subcontractors to the military, according to the news agency’s review.

According to LVMH, the Belmond group is managed “completely independently” from the rest of the conglomerate. Hotel manager Julia Pashkovskaya has declined to comment.